According to a research report "Facial Recognition Market major factors driving the growth are the growing importance of the surveillance industry, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals. Facial Recognition Market provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the facial recognition market - Global Forecast to 2025" published by MarketsandMarkets. The facial recognition market size is expected to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.
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By component, services segment to have
fastest CAGR during the forecast period
The services segment is
estimated to have the fastest growth rate in the facial recognition market.
Services are provided by facial recognition software providers that help in
implementing the solution without purchasing it. Services are further
classified into training and consulting and cloud-based facial recognition. In
training and consulting services, feasibility assessment, analysis, and
advisory of large-scale governmental and military projects are all included.
Features of cloud-based facial recognition services include time tracking,
gender recognition, head pose estimation and analytics, and statistical
overview related to the buying patterns are included.
By application, law enforcement segment to
have highest market share during the forecast period
By application area, the
facial recognition market has been mainly categorized into emotion recognition,
attendance tracking and monitoring, access control, law enforcement, and
others. Over the past decade, many major technology players have acquired
companies that are operating in the facial recognition domain to add value to
their own services. For instance, technology giants, such as Microsoft, Amazon,
and Google, are exploring into the space of facial recognition due to the
increasing demand for this technology.
Among the verticals, government and defense
to hold the largest market size during the forecast period
The growing number of government and
defense investments in implementing facial recognition technology for various
activities, such as border control and criminal identification, are driving the
adoption of the facial recognition technology solutions and services. Facial
recognition eases the process of identification and verification; hence it is
being adopted widely for immigration at airports and attendance tracking and
monitoring. The increasing technological advancements across sectors are
encouraging enterprises to adopt facial recognition tools and services for
easier manual processing and time-saving. Various governments are relying on
ubiquitous sensors and powerful analytics algorithms, instead of the physical
presence of a human.
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North
America to hold the largest market size during the forecast period
The
North American region consists of developed countries that are technologically
advanced with well-developed infrastructures. Owing to their strong economies,
the US and Canada are expected to be major contributors to the growth of the
facial recognition market. With technologies advancing every single day and
growing economies of North America, companies in the region can afford to
invest huge amounts on the adoption of these technologies. North America has a
history of the use of facial recognition solutions and services. Flourishing
technologies, such as smart infrastructures, smart city initiatives, the use of
ePassports, and eVisa, are factors driving the growth of the facial recognition
market.
Major
vendors in the global facial recognition market include NEC Corporation (NEC)
(Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan),
Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso)
(Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland),
Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics
(Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia
(France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum
Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US),
FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US),
SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation
(Microsoft) (US).
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